Brave New Coin (BNC), a provider of high-value cryptocurrency market data, has announced today a partnership with Chainlink, a decentralized oracle network that connects smart contracts with real-world data. The partnership aims to facilitate new applications across complex financial and legal instruments to meet growing demand from institutions and enterprise.
Facilitating higher levels of responsiveness for smart contracts deployed in financial and legal sectors to changing market conditions, the incorporation of BNC data to the Chainlink network provides greater accuracy and reduced risk for financial actors and legal professionals by offering up-to-date, real-time crypto-fiat conversion rates at the point of settlement.
[perfectpullquote align=”full” bordertop=”false” cite=”Sergey Nazarov, CEO of Chainlink” link=”” color=”” class=”” size=”16″]“Chainlink provides on- and off-chain information to some of the most innovative fintech and smart contracts platforms within the global blockchain ecosystem. Our incorporation of BNC’s market data will assist us in our mission to accelerate blockchain adoption in traditional industries, including the legal and wealth management sectors. We are confident that our data collaboration with BNC will catalyze a new era of smart contract applications. Asset managers and investors can expect near-term introduction of decentralized cryptocurrency derivatives and legal contract, which offer enhanced flexibility and security for market participants.”[/perfectpullquote]
With access to reliable cryptocurrency market data, blockchain-based fintech platforms such as MARKETProtocol and Olympus Labs, who are using Chainlink oracles, will be better positioned to create complex cryptocurrency financial derivatives, including options, swaps, and futures. In addition, this enables platforms such as OpenLaw, which takes traditional legal contracts and moves them to decentralized, automated smart contracts, to execute and settle fiat currency agreements in cryptocurrency at moment-of-payout exchange rates, mitigating the risk of cryptocurrencies’ use in legal settlements as a result of market fluctuations and price volatility.
[perfectpullquote align=”full” bordertop=”false” cite=”Fran Strajnar, Founder and CEO of Brave New Coin” link=”” color=”” class=”” size=”16″]“A number of institutions are showing an interest in creating crypto derivatives in the place of traditional financial instruments. We are working with Chainlink to provide the institutional-grade market data necessary to create the flexible tools expected by major financial service providers, international businesses, and law firms before they enter the crypto sphere. These are the type of mature, real-world applications necessary if blockchain is to break into the mainstream to meet growing demand from institutions and enterprises.”[/perfectpullquote]
The use of integrated BNC data in the legal and crypto derivatives sectors marks one of the first real-world initiatives to advance the development of application-ready, highly-responsive smart contracts as the result of a strategic partnership between the industry leaders formed earlier this year.